Market news

13 October 2021

Silver Price Analysis: XAG/USD eyes ascending triangle breakout above $22.80

  • Silver is poised for a range breakout, with an upside move likely.
  • XAG/USD looks for an ascending triangle breakout on the 4H chart.
  • RSI points north above the midline, supporting the bullish view.

Silver price (XAG/USD) is breaking higher from its prison range seen over the past one week, as the bulls are back in the game, looking to recapture the $23 mark.

The sharp pullback in the US dollar across the board amid readjustment of the positions has collaborated with the upside in the USD-denominated white metal.

Looking at silver’s four-hour chart, the price has been trading within an ascending triangle formation since October 3, now aiming for the pattern hurdle at $22.81.

Silver price has managed to find a strong foothold above the powerful resistance at $22.59, where the 21 and 50-Simple Moving Averages (SMA) intersect.

The Relative Strength Index (RSI) edges higher above the central line, backing the upbeat view.

A four-hourly candlestick closing above the horizontal trendline resistance at $22.81 will confirm an upside break of the ascending triangle pattern, calling for attest of the $23 mark.

The next significant upside barrier awaits at the descending 200-SMA at $23.15.

Silver Price Chart: Four-hour chart

On the flip side, rejection at the trendline hurdle could recall the sellers, downing the rates towards the abovementioned strong resistance-turned-support at $22.59.

The horizontal 100-SMA at $22.49 will be threatened if the downside momentum picks up steam.

Further down, the rising trendline support at $22.37 will be the last line of defense for silver bulls.

Silver Additional levels

 

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

Open Demo Account
I understand and accept the Privacy Policy and agree that my name and contact details can be used by TeleTrade to contact me about the information I have selected.
23 International Awards
Have a question?

We are ready to assist you in every step of your trading experience
by providing 24/5 multilingual customer support.

Follow us

Risk Warning: Trading Forex and CFDs on margin carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Prior to trading, you should take into consideration your level of experience and financial situation. TeleTrade strives to provide you with all the necessary information and protective measures, but, if the risks seem still unclear to you, please seek independent advice.

© 2011-2021 Teletrade-DJ International Consulting Ltd

Teletrade-DJ International Consulting Ltd is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11.

The company operates in accordance with the Markets in Financial Instruments Directive (MiFID).

The content on this website is for information purposes only. All the services and information provided have been obtained from sources deemed to be reliable. Teletrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.

TeleTrade cooperates exclusively with regulated financial institutions for the safekeeping of clients' funds. Please see the entire list of banks and payment service providers entrusted with the handling of clients' funds.

Please read our full Terms of Use.

To maximise our visitors' browsing experience, TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies.

Teletrade-DJ International Consulting Ltd currently provides its services on a cross-border basis, within EEA states (except Belgium) under the MiFID passporting regime, and in selected 3rd countries. TeleTrade does not provide its services to residents or nationals of the USA.

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Choose your language/location